Pension Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan [Abstract]

Schedule of net funded status [Table Text Block]

	For the Years Ended December 31,
	2019			2018
	(in thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	66,086		$	71,937
Service cost	5,582			6,730
Interest cost	2,791			2,622
Actuarial (gain) loss	2,035			(7,155		)
Benefits paid	(5,651		)	(8,048		)
Projected benefit obligation at end of year	70,843			66,086
Change in plan assets:
Fair value of plan assets at beginning of year	30,100			30,978
Actual return (loss) on plan assets	3,985			(964		)
Employer contribution	7,200			8,134
Benefits paid	(5,651		)	(8,048		)
Fair value of plan assets at end of year	35,634			30,100
Funded status at end of year	$	(35,209	)	$	(35,986	)

Schedule of accumulated benefit obligation in excess of plan assets [Table Text Block]

Accumulated Benefit Obligation in Excess of Plan Assets for the Pension Plans

	As of December 31,
	2019			2018
	(in thousands)
Projected benefit obligation	$	70,843		$	66,086
Accumulated benefit obligation	$	60,877		$	52,368
Less: fair value of plan assets	(35,634		)	(30,100		)
Underfunded accumulated benefit obligation	$	25,243		$	22,268

Schedule of net periodic pension costs not yet recognized [Table Text Block]

The pre-tax amounts not yet recognized in net periodic pension costs, but rather recognized in the accumulated other comprehensive loss line item within the accompanying balance sheets as of December 31, 2019, and 2018, were as follows:

	As of December 31,
	2019		2018
	(in thousands)
Unrecognized actuarial losses	$	14,406	$	15,741
Unrecognized prior service costs	31		48
Accumulated other comprehensive loss	$	14,437	$	15,789

Schedule of pension liability adjustments recognized in other comprehensive income (loss) [Table Text Block]

The pension liability adjustments recognized in other comprehensive income (loss) during 2019, 2018, and 2017, were as follows:

	For the Years Ended December 31,
	2019			2018			2017
	(in thousands)
Net actuarial gain (loss)	$	377		$	4,329		$	(2,995	)
Amortization of prior service cost	17			18			17
Amortization of net actuarial loss	958			1,327			1,297
Settlements	—			—			3,009
Total pension liability adjustment, pre-tax	1,352			5,674			1,328
Tax expense	(291		)	(4,265		)	(561		)
Cumulative effect of accounting change (1)	—			2,969			—
Total pension liability adjustment, net	$	1,061		$	4,378		$	767

_________________________________________

⁽¹⁾ 

Please refer to Recently Issued Accounting Standards in Note 1 – Summary of Significant Accounting Policies and Statements of Stockholders’ Equity for additional information.

Components of net periodic benefit cost for the pension plans [Table Text Block]

Components of Net Periodic Benefit Cost for the Pension Plans

	For the Years Ended December 31,
	2019			2018			2017
	(in thousands)
Components of net periodic benefit cost:
Service cost	$	5,582		$	6,730		$	6,638
Interest cost	2,791			2,622			2,689
Expected return on plan assets that reduces periodic pension benefit cost	(1,574		)	(1,862		)	(2,244		)
Amortization of prior service cost	17			18			17
Amortization of net actuarial loss	958			1,327			1,297
Settlements	—			—			3,009
Net periodic benefit cost	$	7,774		$	8,835		$	11,406

Schedule of weighted-average pension plan assumptions [Table Text Block]

The weighted-average assumptions used to measure the Company’s projected benefit obligation are as follows:

	As of December 31,
	2019	2018
Projected benefit obligation:
Discount rate	3.6%	4.4%
Rate of compensation increase	4.5%	6.2%

The weighted-average assumptions used to measure the Company’s net periodic benefit cost are as follows:

	For the Years Ended December 31,
	2019	2018	2017
Net periodic benefit cost:
Discount rate	4.4%	3.8%	4.2%
Expected return on plan assets (1)	5.0%	5.5%	6.5%
Rate of compensation increase	6.2%	6.2%	6.2%

____________________________________________

⁽¹⁾ 

There is no assumed expected return on plan assets for the Nonqualified Pension Plan because there are no plan assets in the Nonqualified Pension Plan.

Schedule of weighted-average asset allocation of the Qualified Pension Plan [Table Text Block]

The weighted-average asset allocation of the Qualified Pension Plan is as follows:

	Target		As of December 31,
Asset Category	2020		2019		2018
Equity securities	35.0	%	36.9	%	31.8	%
Fixed income securities	40.0	%	38.1	%	41.3	%
Other securities	25.0	%	25.0	%	26.9	%
Total	100.0	%	100.0	%	100.0	%

Schedule of fair values of the Qualified Pension Plan assets [Table Text Block]

The fair values of the Company’s Qualified Pension Plan assets as of December 31, 2019, and 2018, utilizing the fair value hierarchy discussed in Note 11 – Fair Value Measurements are as follows:

					Fair Value Measurements Using:
	Actual Asset Allocation (1)		Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
			(in thousands)
As of December 31, 2019
Equity securities:
Domestic (2)	17.3	%	$	6,176	$	4,130	$	2,046	$	—
International (3)	19.6	%	6,958		6,958		—		—
Total equity securities	36.9	%	13,134		11,088		2,046		—
Fixed income securities:
Core fixed income (4)	31.4	%	11,199		11,199		—		—
Floating rate corporate loans (5)	6.7	%	2,379		2,379		—		—
Total fixed income securities	38.1	%	13,578		13,578		—		—
Other securities:
Real estate (6)	5.4	%	1,929		—		—		1,929
Collective investment trusts (7)	3.3	%	1,168		—		1,168		—
Hedge fund (8)	16.3	%	5,825		2,006		—		3,819
Total other securities	25.0	%	8,922		2,006		1,168		5,748
Total investments	100.0	%	$	35,634	$	26,672	$	3,214	$	5,748
As of December 31, 2018
Equity securities:
Domestic (2)	15.4	%	$	4,639	$	3,197	$	1,442	$	—
International (3)	16.4	%	4,941		3,642		1,299		—
Total equity securities	31.8	%	9,580		6,839		2,741		—
Fixed income securities:
Core fixed income (4)	34.4	%	10,342		10,342		—		—
Floating rate corporate loans (5)	6.9	%	2,078		2,078		—		—
Total fixed income securities	41.3	%	12,420		12,420		—		—
Other securities:
Real estate (6)	6.0	%	1,820		—		—		1,820
Collective investment trusts (7)	3.1	%	934		—		934		—
Hedge fund (8)	17.8	%	5,346		—		1,659		3,687
Total other securities	26.9	%	8,100		—		2,593		5,507
Total investments	100.0	%	$	30,100	$	19,259	$	5,334	$	5,507

____________________________________________

⁽¹⁾  Percentages may not calculate due to rounding.

⁽²⁾  Level 1 equity securities consist of United States large and small capitalization companies, which are actively traded securities that can be sold upon demand. Level 2 equity securities are investments in a collective investment fund that is valued at net asset value based on the value of the underlying investments and total units outstanding on a daily basis. The objective of these funds is to approximate the S&P 500 by investing in one or more collective investment funds.

⁽³⁾  International equity securities consists of a well-diversified portfolio of holdings of mostly large issuers organized in developed countries with liquid markets, commingled with investments in equity securities of issuers located in emerging markets and believed to have strong sustainable financial productivity at attractive valuations.

⁽⁴⁾  The objective of core fixed income funds is to achieve value added from sector or issue selection by constructing a portfolio to approximate the investment results of the Barclay’s Capital Aggregate Bond Index with a modest amount of variability in duration around the index.

⁽⁵⁾  Investments consist of floating rate bank loans. The interest rates on these loans are typically reset on a periodic basis to account for changes in the level of interest rates.

⁽⁶⁾  The investment objective of direct real estate is to provide current income with the potential for long-term capital appreciation. Ownership in real estate entails a long-term time horizon, periodic valuations, and potentially low liquidity.

⁽⁷⁾  Collective investment trusts invest in short-term investments and are valued at the net asset value of the collective investment trust. The net asset value, as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities.

⁽⁸⁾ 

The hedge fund portfolio includes investments in actively traded global mutual funds that focus on alternative investments and a hedge fund of funds that invests both long and short using a variety of investment strategies.

Schedule of changes in Level 3 plan assets [Table Text Block]

Included below is a summary of the changes in Level 3 plan assets (in thousands):

Balance at January 1, 2018	$	5,209
Purchases	—
Realized gain on assets	191
Unrealized gain on assets	152
Disposition	(45		)
Balance at December 31, 2018	$	5,507
Purchases	—
Realized gain on assets	190
Unrealized gain on assets	51
Disposition	—
Balance at December 31, 2019	$	5,748

Schedule of expected benefit payments [Table Text Block]

Expected benefit payments over the next 10 years are as follows:

Years Ending December 31,	(in thousands)
2020	$	7,609
2021	$	3,914
2022	$	4,022
2023	$	6,308
2024	$	4,939
2025 through 2029	$	25,065